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14 December, 08:57

A $7.000principal is invested in two accounts, one earning 3% interest and another earning 7% interst. If the total interest for the year is $262 then how much is invested in each account?

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  1. 14 December, 09:10
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    Let the investment in first account be x and this account is earning 3% interest

    So Interest on this account is 3% of x = 0.03x

    So the investment in second account would be (7000-x) and this account is earning 7% interest

    So the interest on this account is 7% of (7000-x) = 0.07 * (7000-x)

    Given that total interest for the year is $262

    So we have

    0.03x + 0.07 (7000-x) = 262

    0.03x - 0.07x + 0.07*7000 = 262

    -0,04x + 490 = 262

    -0.04x = 262-490

    -0.04x = - 228

    0.04x = 228x

    x = 228/0.04

    x = 5700

    Therefore Investment in one account s 5700 and the investment in other account is 7000-5700 = 1300
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